I have definitely replaced my book reading with the web. But I did that at least a decade ago. I still "read" a lot of books and novels, I'm just listening to the audio version now. Not as good for recall, I will readily admit, but on the other hand it does let you re-listen again with almost equal enjoyment. I've replaced all television watching - except for live sports and news - with YouTube. All movies are now watched at home.

Information consumption habits change as the media does. "Reader's Digest", among other magazines, used to be required reading for any well-read person and now it basically doesn't exist.

I assume this trend will continue apace.